United Companies Financial Corp., Baton Rouge, La., reported $15.7 million in net income for the second quarter, compared to $16.2 million during the 1995 period.

The dip in earnings was attributed to a $5.1 million loss incurred from the divestiture of the company's life insurance business.

Total loan production for the quarter stood at $669 million, an 84% increase over the level in the second quarter 1995.

The company's wholesale operation, Unicor Mortgage, saw a 69% increase in volume over second quarter 1995, to $168 million.

United Companies Lending, the company's retail branch network, increased loan production 17% over second quarter 1995, to $281 million.

Southern Mortgage, the company's bulk purchasing arm, bought $150 million in loans in the second quarter, compared to $12 million in the same period in 1995.

The company's new manufactured housing division, United Companies Funding, generated $37 million in loans in the second quarter.

Thirty-day-plus delinquency rates for home equity loans dropped 17 basis points during the first half of 1996, to 7.98%.

Net chargeoffs on home equity loans were $7.1 million during the first six months of 1996, the company reported.

- Compiled by Heather Timmons

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